- No Training/Induction in place for a new starter- People aren't as friendly as it seems, as everyone is too busy doing there own thing then help you. Especially if you're new.- Long hours 10 hours a day and no overtime its part of your overall package. (now implementing flexible hours for the role).- team morale is extremely low due to mass exodus of senior team members moving onto new roles outside of the company.- no guidance- role applied for extremely different to the actual work undertaken.

The people when I joined were really smart and friendly; the bank had some goldern years where they attracted top talent. Pay was decent, not amazing. During the growth period everyone was very motivated

Cons

After 6 years of not getting bonuses like everyone used to people have become very miserable. The smartest people left and the others in charge now see to not be making the best decisions...not awful decisions. But the innovation levels have dropped. The staff there are not as happy as it used to be

Advice to ManagementAdvice

Value your key people...the turnover of great staff has caused the morale of people left to be lower..this needs to be fixed

Smart, considerate co-workers, relaxed work atmosphere. Smart US-based middle management. An easy-going culture not typically found in IB, but cons discussed below are now overshadowing this. Company historically doesn't like to lay off people. Nice, well-stocked kitchen.

Cons

US business is faltering, morale is low, uncertainty is in the air. Would agree with other poster concerning compliance matters.

Owing to flat hierarchy there are no (or very few) offices, even for compliance-oriented jobs; cafeteria/trading desk-style "one-size-fits-all" seating. Chronic tech issues coupled with poorly trained overseas IT staff.

Advice to ManagementAdvice

Sydney management needs to articulate what its strategy is for the US business and implement it -- and compensate people commensurate with their contribution, aligned with how the company does in a given fiscal year.

Relaxed culture compared to many Wall Street banksNice kitchen and office facilitiesHours are much better than many firms4+ weeks of allocated vacation a year

Cons

Generally, the firm is often dysfunctional and does little to improve the issues that it has faced over the years, including:

Lack of dealflow - there are very few senior bankers with strong client relationshipsPoor leadership and senior management that is near-sighted and does not do enough to retain talentCompensation, while slightly improving, is still considerably lower than where it should beJunior resources - generally much less talented than peer firmsHigh turnover - due to the aforementioned issues

Overall, not a good firm for career growth or opportunities for development

Advice to ManagementAdvice

Exercise better leadership and properly address the many operational issues within the investment bank

Macquarie's culture is great - people are really nice, and the smaller size of the firm in comparison with other banks means you get a lot of support and responsibility quickly. Also, they pick great venues for Christmas parties and Aussies can really drink the bar dry.

Cons

The compensation is well below normal for Wall Street. This place apparently used to pay big, but definitely not since 2009 (except if you're a senior hire from another bank, in which case you collect a fat guarantee then leave once it is over). Also, Macquarie is only known in certain sectors to be any good (infrastructure, commodities). If you want to make a move to better bank or to a reputable fund, it will be hard.

Advice to ManagementAdvice

Pay attention to and reward the actual money makers and stop wasting resources on expensive useless outside hires. Also invest more in IT. Seriously.

1. Very entrepreneurial place where employees are encouraged to think big and push the envelop.2. Ability to take responsibility early3. Utilize the balance sheet when necessary4. Great brand, especially in APAC

Cons

1. Work-life balance can be difficult (depends on which regional office you are in. For the more established offices, expect typical bulge bracket hours.)2. Some offices can be a bit political (But expect this. The financial services industry isn't really growing...)

Macquarie is often described as the Goldmans of Australia. They are a powerhouse in Australia, however that market is limited. They're trying hard to expand into other regions, however, the management is all still in an Australian mindset. They hire very smart people.

Cons

They're going to get eaten alive by local regulators. They've been operating somewhat under the regulatory radar but with the recent pickup in fines and sanctions it's only a matter of time before they get hit with a MAJOR fine. The management is super dysfunctional. No one has any authority to make any decisions and everyone is petrified of accountability. While they spend a huge amount of time and effort on hiring smart people, the good ones quickly leave because of the contraints.

Advice to ManagementAdvice

You've lost sight of the best of the cultural values - freedom within boundaries. You've got some great people that are unable to deliver on their potential because of the dysfuncatinal management.

- Flat office layout, management and other staff are pretty accessible- Well-stocked kitchen and lounge area, can always eat breakfast at the office before work- Friday beer o'clock is a good way to socialize with colleagues and get to know the office- Exposure to buy side transactions, which can be useful for future exit opportunities, especially in the infrastructure space. Many former MD's and VP's of Macquarie in the U.S., Australia and Asia have established their own funds, which seem to have more of a PE-shop style culture and structure.- Regional conferences in cool locations (Spain, Greece, Australia etc.) but these are a thing of the past due to cost cuts and the overall realization that they were just large debauchery conventions where nothing of any business substance was ever accomplished.

Cons

- Macquarie is struggling to re-position its business model in the United States. Pre-2007, they excelled in the purchase and fund management of infrastructure and related assets/businesses. Pay was attractive due to lucrative fees earned in the process. However, that business model essentially broke down due to poor performing investments and the inability to raise additional equity capital to support the existing headcount and model in place. Babcock & Brown, which was a smaller version of Macquarie went bust in 2008. Macquarie was able to survive since it is a bank and had other lines of business to cushion it in the downturn. Since 2007, Macquarie pivoted by focusing more on 3rd-party M&A advisory, first by purchasing Giuliani Capital Advisors, which was a complete waste (most left or were let go within the first year post-acquisition)- Australians vs. the non-Australians (mostly Americans). Noticeable bias towards expat Australians when it comes to management decision making and layoffs. This culture has degraded morale and stands in the way of the US franchise ever being able to make headway in the U.S. market. The Australians do not seem to understand the importance of hiring and retaining good local American talent. The result is that they have to overpay for mediocre talent from other BB banks that ends up leaving after a couple of years once they understand the culture.- The belief that they can excel as PE investors in the U.S. Many of their key investments/buyouts such as Indiana Toll Road, Spirit Finance, Express Energy, Advantage Rental Car, Smart Cart, AirServ etc. have performed poorly and in some cases gone bankrupt pretty quickly. Express Energy was purchased at the height of the energy boom in 2008. A couple of investments have performed well but the BAD ones outweigh the GOOD ones, which is the main reason why they can no longer raise much external equity (and are restricted to their balance sheet). Any attempts by them to manage companies has been a failure because as excel crunching bankers they do not have an operational bone in their body, except for a few people on their fund management side.

Advice to ManagementAdvice

Cut staff and stop trying to compete head on with BB's and leading boutique banks in the US. Focus on your key strengths. Most of all, reduce the reliance on expat Australian management staff and reduce the micromanagement from Sydney.